SOLO Token, DEX, NFT marketplace, and Airdrop

In this blog post, we outline the upcoming plans and additional utility proposals by the SOLO Core Team and the details of the upcoming SOLO Airdrop for SOLO and XRP holders.

To start with, it is important to understand the distinction between Sologenic.org (SOLO Core Team) and Sologenic.com (Manticore Securities AS).

Sologenic.com and sologenic.org are two separate teams. Sologenic.org aka SOLO Core team’s focus is purely on the expansion of the Sologenic as a decentralized ecosystem while the sologenic.com team are working on the launch of an important use-case of the Sologenic ecosystem: Securities Tokenization

Sologenic.org (SOLO Core Team)

Sologenic.com (Manticore Securities AS)

We consider Sologenic.com (Manticore Securities AS) as the one of largest use-cases of the Sologenic Ecosystem. The potential this brings to the ecosystem is something we think can revolutionize the future of securities trading. More information can be found on www.sologenic.com

Sologenic Ecosystem Expansion

With the popularity of the Sologenic applications on top of the XRP Ledger, the SOLO Core Team along with the feedback from the community has decided to increase the uses cases of the SOLO Tokens, and as such is proposing:

SOLO as a utility token on the Sologenic XRPL DEX

Currently, the developers behind the Sologenic DEX, decide about which pairs to list on the DEX UI. This process is not really beneficial for the community and we think the engagement and the power of DEX should really be decentralized too.

Community Voting Mechanism

We will announce how the voting process will be conducted in the upcoming posts.

SOLO for minting, listing, and featuring NFTs on the upcoming Sologenic NFT marketplace

Sologenic NFT Marketplace

Last week, we announced plans to launch an NFT marketplace platform to the existing Sologenic DEX. Users will be able to mint and list their NFTs on the upcoming Sologenic NFT marketplace by spending SOLO Tokens. Featuring an NFT will also be possible by using SOLO as a payment by using a bidding system.

100% of the SOLO Tokens collected as fees will be burned instantly.

* The fees for these activities will be published in a future post closer to the launch of the marketplace, but in a nutshell, the token will be the key to listing NFTs on the platform.

This takes us to:

SOLO Token Aidrop

SOLO Token Airdrop

How Will Airdrop Be Distributed?

The following ratio will be applied to the distribution:

XRP holders*: 50%

SOLO holders: 50%

* Please note that a TrustLine to the Sologenic Gateway must be in place for the account to be eligible for the airdrop.

Example: Let’s assume the final amount of XRP and SOLO which are qualified for the SOLO airdrop at the time of snapshot is as follows:

SOLO: 20,000,000

XRP: 500,000,000

Then the number of SOLO Airdrops for the holders of XRP and SOLO will be calculated and deposited as below:

SOLO Airdrop Amount:

(200,000,000 ÷ 2) ÷ 20,000,000 = 5 SOLO per each SOLO Holding

XRP Airdrop Amount:

(200,000,000 ÷ 2) ÷ 500,000,000 = 0.2 SOLO per each XRP Holding

When will the Snapshot be taken?

Snapshot Date/Time: Dec 24th, 2021 8:00 PM UTC

Sologenic Gateway (Issuer): rsoLo2S1kiGeCcn6hCUXVrCpGMWLrRrLZz

SOLO Currency Code: 534F4C4F00000000000000000000000000000000 Limit: 400,000,000

When will the SOLO Airdrop be Distributed?

Distribution Date/Time: Jan 20th, 2022 8:00 PM UTC

What if you hold your XRP & SOLO on a Decentralized Wallet?

For XRP holders who take custody of their assets, a TrustLine to the Sologenic gateway is required. This can be conducted using the SOLO Wallet app or the XUMM app by adding SOLO as a currency to your existing account.

What if you hold your XRP & SOLO on Centralized Exchanges?

We will initially reach out to exchanges and ask them to distribute the SOLO tokens to their respective users. However, the XRP and SOLO community may help in asking their favorite exchanges to consider participating in the airdrop.

We hope that by distributing the locked SOLO to the community, we will have more user engagement on the Sologenic DEX as well as the NFT marketplace which brings a huge value to the XRP Ledger Ecosystem.

How to stay tuned for further updates?

Sologenic is disrupting the asset trading industry: Tokenized Securities, Crypto Assets & NFTs. www.sologenic.com and www.sologenic.org